02-27-2010 12:30 PM
02-27-2010 12:35 PM
I'd suggest you a search for 'secured cards' on here. Lots of discussion about how a secured line will look.
02-27-2010 02:10 PM
I would not worry too much about the fine points of your score at this time. Dealing with the collections is your first priority.
That said it is good to start new secured credit cards for your use and to rebuild for the future.
Having 1 open credit card vs none will make the biggest difference in the score. Having 2 is even better. Two $200 limits is better than one $400 limit. The total amount is not that significant. I would set the limit based on how much you plan to spend each month on that card. At least 2x your monthly charges, if you can afford it. You want a comfortable limit so it is not maxed out.
Consider opening a 2nd secured card in the near future. Be careful, there are some high fee secured cards that are horrendous. You may want to post questions about who you are considering..
02-27-2010 02:43 PM
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